Michael Saylor praises Bitcoin as a “economic engine” destined to become a “freedom machine”
Michael Saylor, executive chairman and former CEO of MicroStrategy, has complimented Bitcoin’s (BTC) characteristics, describing the leading cryptocurrency as a path to liberty.
According to Saylor, Bitcoin’s decentralized structure transforms the asset into a truth-based economic engine while addressing inefficiencies in the old financial sector, he said in a lecture at The Atlas Society on October 18.
Saylor, a known proponent of cryptocurrencies, compared Bitcoin to a union that would become stronger owing to future money influx estimates.
He added: Bitcoin is an economic machine built atop a truth machine that is ready to become a freedom machine.
Saylor, who oversaw MicroStrategy’s acquisition of Bitcoin in August 2020, said that despite the presence of several digital assets, the first cryptocurrency distinguishes out owing to its distinctive characteristics.
There are 20,000 crypto coins. There is one with a 95% market share that is morally, technically, and commercially sound. Bitcoin is metal-based. It is the toughest material in existence. Most people are unaware of it. “The majority of people fear it,” he continued.
He emphasized that there had been cries for years to remove economics from the state, but no technology existed to fulfil the mission. He noted, however, that the advent of Bitcoin presented a chance to eliminate government participation in transactions.
The CEO added that the advent of the epidemic prompted more individuals to see the need for a solution to their ‘economic enslavement’ Saylor claims that:
“The world came to a grinding stop in March 2020. Suddenly, billions of people were aware of the possibility of an economic collapse and lost trust in their governments and institutions. We envisaged an escape from economic servitude in what we believed to be digital wealth.”
Notable is the fact that MicroStrategy was among the first organisations to put a bet on Bitcoin. The corporation is constantly collecting additional Bitcoin despite the present market slump.
Between August and September of this year, an extra 301 Bitcoins were acquired at an average price of $19,854 per coin.